Harrods profits jump 15%

Luxury department store Harrods has reported a 15 per cent surge in pre-tax profits for last year, according to figures released today.

Recording a profit rise to £125.3 million for the year ending January 28th 2012, the department store, which was last year sold by previous owner Mohamed Al-Fayed to Qatar Holdings, the investment fund of Qatari Royal Family, is maintaining its strong position despite economic difficulties across the UK high street.

Harrods also saw sales jump 11 per cent over the period to £651.7 million and this follows reports last week that the company is planning to open a chain of branded hotels.

It is expected that the store will fare particularly well over the course of the Olympics as foreign visitors flood the capital and last week Harrods opened its Christmas World department early in order to entice international consumers to spend in store.